Merus Announces Closing of Global Strategic Research Collaboration with Incyte to Discover and Develop Bispecific Antibodies
(Thomson Reuters ONE) -
UTRECHT, The Netherlands, Jan. 23, 2017 (GLOBE NEWSWIRE) -- Merus N.V.
(NASDAQ:MRUS) a clinical-stage immuno-oncology company developing innovative
bispecific antibody therapeutics, today announced the closing of its global
strategic research collaboration with Incyte Corporation (NASDAQ:INCY) focused
on the research, discovery and development of bispecific antibodies utilizing
Merus' proprietary Biclonics® technology platform. The agreement grants Incyte
the exclusive rights for up to eleven bispecific antibody research programs,
including two of Merus' current preclinical immuno-oncology discovery programs.
"We are pleased to have closed this transformative, global research
collaboration and look forward to working with Incyte to develop novel
bispecific antibodies for the treatment of cancer and other serious diseases,"
said Ton Logtenberg, Ph.D., Chief Executive Officer of Merus. "In addition to
expanding our pipeline, this agreement strengthens our balance sheet, delivering
added resources and strategic flexibility as we advance Merus' lead assets in
the clinic."
Under the terms of the collaboration, Incyte has agreed to pay Merus an upfront
payment of $120 million and purchase 3.2 million shares of Merus stock at $25
per share, for a total equity investment of $80 million. For one current
preclinical program, Merus will retain all rights to develop and commercialize
an approved product in the United States. Merus also has the option to co-fund
development of product candidates arising from two other programs. For the other
eight programs, Merus is eligible to receive potential development, regulatory
and sales milestone payments of up to $350 million per program, for an aggregate
milestone opportunity of approximately $2.8 billion if all milestones are
achieved across all eight programs in all territories, in addition to tiered
royalties ranging from 6 to 10 percent on global sales.
About Merus N.V.
Merus is a clinical-stage immuno-oncology company developing innovative human
bispecific antibody therapeutics, referred to as Biclonics®. Biclonics® are
based on the full-length IgG format, are manufactured using industry standard
processes and have been observed in preclinical studies to have several of the
same features of conventional monoclonal antibodies, such as long half-life and
low immunogenicity.
For more information, please visit the Company's website at www.merus.nl.
Forward-Looking Statements
Except for the historical information set forth herein, this press release
contains predictions, estimates and other forward-looking statements, including
without limitation statements regarding: the impact of the collaboration on
Merus' finances and clinical development, whether any of the programs under the
collaboration will be successful; and whether and when Merus will receive any of
the expected or potential payments under the collaboration and the amounts of
such payments to Merus. These forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ materially from our
expectations, including unanticipated developments in and risks related to:
research and development efforts related to the collaboration programs; the
clinical development process, which is expensive and unpredictable; the
possibility that results of clinical trials may be unsuccessful or insufficient
to meet applicable regulatory standards or warrant continued development; other
market or economic factors; unanticipated delays; Merus' ability to compete
against parties with greater financial or other resources; Merus' ability to
commercialize and market its products, if approved; greater than expected
expenses; and the other important factors detailed in Merus' final prospectus
filed with the Securities and Exchange Commission, or SEC, on May 20, 2016
relating to our Registration Statement on Form F-1, and its other reports filed
with the SEC. Merus disclaims any intent or obligation to update these forward-
looking statements. These forward-looking statements should not be relied upon
as representing Merus' views as of any date subsequent to the date of this press
release.
Merus
Eliza Schleifstein, Media
+1 973 361 1546
eliza(at)argotpartners.com
Kimberly Minarovich, Investors
+1 646 368 8014
kimberly(at)argotpartners.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Merus N.V. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 23.01.2017 - 22:05 Uhr
Sprache: Deutsch
News-ID 519375
Anzahl Zeichen: 5195
contact information:
Town:
Utrecht
Kategorie:
Business News
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"Merus Announces Closing of Global Strategic Research Collaboration with Incyte to Discover and Develop Bispecific Antibodies"
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